We recently asked Facebook Group Asan Ideas for Wealth members to share their investment journey for our reader story section. Many members were kind enough to send their stories – some already published and some in the pipeline.
We received an interesting comment in response and requested the author – Shyamli, to send us an account of her investment journey. Although devoid of detail, we believe it still carries an important message like other reader stories. It is reproduced below.
My financial journey is not extraordinary, but it gives me immense satisfaction that at the age of 40, I went from being illiterate to financially literate. I hope my financial journey inspires others who are scared to start late.
I was just 23 when I landed the job. Getting selected among thousands of candidates and from the Public Service Commission gave me a different type of high. It was a Government job, and in 2002, the salary was not very fancy. But pension, health coverage, holidays and a comfortable work environment compensated for other things.
For the first time, I was living away and paying my bills. I had no financial obligations but had no clue about savings and investments. All I knew was that the share markets are risky, and LIC and Provident Fund are good for savings. So, with PF, Pension and health plan in place, I was free to do as I pleased with the rest of my money, unaware that at a young age, temptations are more numerous.
Without proper guidance and some opportunistic friends, I started living my life partying and lending money ( which was never returned).
As I crossed my 30s and 40s, reality started to hit harder. With no money in the bank and the Corona lockdown, the importance of saving and being financially strong started to take root inside me. So, at 41, I started my first SIP ( not Goal-based) and learned other investing instruments through different mediums. Slowly, I started diversifying my investment, and now I have FDs, RD, an emergency fund, a mutual fund, Gold and a share portfolio.
I know the past can’t be undone, and I regret wasting my early years, but I am proud of how far I have come.
My advice to the younger generation is to not only enjoy life but also make sure to be financially independent. Don’t fall into the debt trap or toxic friends. Thank you
Reader stories published earlier:
As regular readers may know, we publish a personal financial audit each December – this is the 2022 edition: Portfolio Audit 2022: The Annual Review of My Goal-based Investments. We asked regular readers to share how they review their investments and track financial goals.
These published audits have had a compounding effect on readers. If you would like to contribute to the DIY community in this manner, send your audits to freefincal AT Gmail. They could be published anonymously if you so desire.
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